Procrastinating on financial matters is often an expensive mistake. It can lead to massive debt, and bankruptcy may be the best resolution in the end. Fortunately, making small and smart changes now can save you from costly consequences.
Owing debt to creditors is stressful. Letters fill up your mailbox and you begin screening all your calls. Many people turn to family for help; but consider the choice to borrow money from family carefully. If there is any chance you may file for bankruptcy in the future, then matters may get complex.
It’s the main event that you didn’t want to happen, but now it’s time to face the consequences. In this corner, it’s the American consumer who has tallied a record credit card debt of more than $1 trillion. His opponent for the match, of course, is the heavyweight, burdensome and continuously growing credit card debt.
Alexandra is usually very well put-together, never a hair out of place and always perfectly dressed for the occasion. The morning she met Katie for coffee, however, her blouse was half tucked in and had a stain on the sleeve. Her eyes looked tired and there were bags underneath. Her ready smile wasn’t anywhere to be found. “Are you doing okay?” Katie asked her.
Debt often feels like a race that you can never win. Debtors struggle to make payments every month, sometimes without even touching the principal balance of their loans and bills. One of the most fundamental solutions to debt is to create a budget. While a budget is not a be-all and end-all answer alone, it is an essential part of the solution. However, it is important to create one that works for you.
It was a difficult decision, but you and your family decided bankruptcy would be the best solution toward overcoming months of financial difficulties. It was not a decision you made lightly with all the questions that floated in your head. Among them: Will I lose my house? Am I a financial failure? What does my financial future hold for me? How can I rebuild my credit?
It is often overestimated how filing for bankruptcy will affect a credit score. People assume that a credit score will be ruined indefinitely. This is untrue, but filing for bankruptcy will have a negative impact on a credit score for a period of time. This is because credit scores are meant to communicate a borrower’s ability to pay back a loan to a lender. Filing for Chapter 7 bankruptcy essentially eliminates debts, and a lender may never secure the remaining amount of money.
Even with insurance, healthcare is shockingly expensive. Between unnecessary surgical add-ons, scans and overused intensive care-level treatment, medical patients often find themselves facing surprisingly large hospital bills. More than 25 percent of Americans cannot afford their medical bills.
You may be struggling financially and overwhelmed by harassing communications from your creditors. You know that filing for Chapter 7 bankruptcy could help you, but you heard it's harder to qualify since the U.S. Bankruptcy code was changed.
One of the things that often holds people back from filing for bankruptcy when they could really benefit from it is the fear of losing personal property. Many Ohio readers often associate bankruptcy with a forced selling of all valuable property in order to pay off debts. In reality, bankruptcy is an organized, beneficial way to deal with overwhelming debt, all while keeping certain personal items.